(a) The senior housing revolving fund is established. The revolving fund consists of appropriations made to it by the legislature, the proceeds of bonds sold under Alaska Stat. § 18.56.790, repayments of principal and interest on loans made or purchased from assets of the fund, and money or other assets transferred to the revolving fund by the corporation. The corporation may

Terms Used In Alaska Statutes 18.56.710

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) pledge amounts deposited in the revolving fund for bonds issued under Alaska Stat. § 18.56.790;
(2) use amounts deposited in the fund for making, purchasing, or participating in

(A) senior housing mortgage loans;
(B) loans made for building materials for senior housing;
(C) loans made for renovation or improvement of or for senior housing, including loans for renovation or improvement of congregate or individual residences; and
(D) loans made for the construction of senior housing.
(b) For each loan proposed to be made under Alaska Stat. § 18.56.70018.56.799, the corporation shall determine the financial feasibility of the project for which the loan would be used and the extent to which the project would meet senior housing needs in the area for which it is proposed.